During its second year of operations, Panzarella Corporation entered into several transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 7,000,000 common shares, $2.50 par per share, and 900,000 preferred shares, $30.00 par per share. Its balance sheet at December 31 of the prior year follows. Required: 1. Prepare the appropriate journal entry for each of the following transactions: February 1 Sold 1,750,000 common shares for $15.00 per share. April 1 Reacquired 35,000 common shares to be held in treasury at $17.00 per share. May 1 Sold 7,000 of its treasury shares for $18.70 per share. September 1 Sold 10,500 of its treasury shares for $13.60 per share. 2. Prepare the shareholders' equity section of the December 31 balance sheet for the current year ended December 31 . Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect